It has been the legal story of the summer. In June, Thomson Reuters announced that it had signed an agreement to acquire the legal research and AI company Casetext for a jaw-dropping $650 million.
The deal, it said at the time, was subject to regulatory approvals and customary closing conditions and was expected to close in the second half of the year.
Now, the deal is done. TR said today that it has closed on its acquisition of Casetext.
“We are thrilled to welcome the Casetext team to the Thomson Reuters family,” Steve Hasker, president and CEO of Thomson Reuters, said in a statement. “Together, we will accelerate breakthroughs in generative AI for the benefit of our customers and markets. We believe this will revolutionize the way professionals work, and the work that they do.”
Jake Heller, Casetext’s founder and CEO said: “Joining Thomson Reuters provides us with an unparalleled opportunity to scale the Casetext vision and accelerate breakthroughs for legal professionals. As we look to unlock generative AI’s full potential to drive greater productivity, more impactful work and increased access to justice, there could not be a better home for our brand, talent and products.”